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Cord Blood Banking Services Market Size, Share, Growth, Industry Analysis, Key Players like CorCell, Lifebank USA, Cryoviva, Genecord, AlphaCord, FamilyCord, Cells4Life

11-30-2020 06:14 PM CET | Health & Medicine

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Cord Blood Banking Services Market

Cord Blood Banking Services Market

The global cord blood banking services market accounted for $1,126 million in 2016, and is estimated to reach at $2,772 million by 2023, registering a CAGR of 13.8% from 2017 to 2023.

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The global cord blood banking services market is driven by factors including various marketing strategies adopted by key players, rise in R&D activities for cord blood applications, and surge in funding for establishing public cord blood storage banks.

The global cord blood banking services market is driven by factors including various marketing strategies adopted by key players, rise in R&D activities for cord blood applications, and surge in funding for establishing public cord blood storage banks. However, expensive nature of the processing, adversities related to find a match in the donor list, and legal & ethical issues regarding gathering of cord blood hinder the market growth. On the other hand, advancements related stem cell therapeutics and untapped potential in the developing regions would offer opportunities for the market growth.

The private cord blood banks are privately owned banks where the parents can store the cord blood of newborn for future use such as for treatment of certain chronic disease. In private banks, charges are incurred for the collection, processing, and storage of cord blood. Thus, the public cord blood banks possess competitive advantages in developed regions such as North America and Europe.
Key Findings of the Cord Blood Banking Services Market:

The private cord blood bank segment is anticipated to grow at the highest rate during the analysis period.

Germany was the highest revenue-generating country in the European market in 2016, and is expected to continue its dominance during the forecast period.

In 2016, North America dominated global cord blood banking services market, and is estimated to continue this trend in the near future.

China is expected to grow at the highest rate in the Asia-Pacific region.Latin America was the largest contributor in the LAMEA region.

In 2016, North America held the largest share in terms of the total revenue, owing to surge in awareness among expectant parents, rise in disposable income, and high rate of adoption of cord blood storage services. On the other hand, Asia-Pacific is estimated to register the highest growth during the forecast period, attributable to rise in focus of key players for extending their services and surge in disposable income.

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In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the market maturity, high awareness among the expectant parents, presence of high disposable income, and high adoption rate of cord blood storage services. However, Asia-Pacific is expected to witness the highest growth during the analysis period, attributable to rise in awareness related to the benefits of storing cord blood, increase in focus of key players to expand their services, and rise in disposable income.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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